As a recently divorced single mother of 7 young children with my oldest child having special needs with a divorce financial settlement to be received primarily as annuities, what would be your financial advice on liquidating existing annuities and re-investing the money into other investments and/or retirement funds?
It is extremely important for me to make wise informed financial decisions and investments for my financial security and for my 7 children’s financial security.
Terry Says: It sure IS important to make wise financial decisions. And in general, annuities are NOT a wise decision in this situation! It lets your ex get off paying a lot loss, binds you into a long-term deal — AND you will NOT be able to liquidate them!
You need your OWN financial advisor before entering into a deal that even uses some annuities to fund it. I am going to refer you to my annuity expert, Jeffrey Oster. He’s always on top of his email and you can reach him at: email@example.com. I trust him 100%! Contact him, set up a phone conversation, email him a list of the specific annuities being considered. If you can get out of this deal, I think he will recommend that you do it — perhaps for all except your special needs child. And for that child, I recommend you go to www.ProtectedTomorrows.com and contact Mary Anne Ehlert who specializes in creating financial programs for special needs children that won’t impact their eligibilityfor future state aid.
If your annuities are not a good deal, then your attorney coudl be liable for malpractice! I don’t know what advice (financial) you received before your divorce, but get gon on this project NOW! And feel free to contact me more privately by using my email: Terry@TerrySavage.com.